Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

American Financial Reveals Favorable Court Ruling In Tax Case With IRS

RELATED NEWS
Trade AFG now with 

Insurer American Financial Group Inc. (AFG: Quote) Friday revealed a favorable court verdict regarding a tax case with the IRS.

The company has been involved in litigation with the IRS regarding the calculation of tax reserves for certain annuity reserves pursuant to Actuarial Guideline 33.

In an unanimous decision today, the the Sixth Circuit Court of Appeals in Cincinnati affirmed the Summary Judgment of the District Court in favor of American Financial.

As a result, unless the IRS determines to seek a discretionary appeal of this decision within 90 days, the decision will become final, and the company said it will record non-core after tax earnings of about $27 million, or $.28 per share.

The company continues to hold discussions with the IRS involving subsequent tax years.

Click here to receive FREE breaking news email alerts for American Financial Group and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame. India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday. Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months. Eurozone inflation slowed as expected in August on falling energy prices giving room for the central bank to support demand and economic recovery without stoking inflation and help the region to create more jobs. The unemployment rate remained unchanged at an elevated level in July. Nonetheless, it was at the lowest since September 2012.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.